Read more about Rupee depreciates 9 paise to 73.18 against US dollar in early trade on Business Standard. The Indian rupee slumped 9 paise to 73.18 against the US dollar in opening trade on Thursday tracking strengthening of the American currency in the overseas market.
The Indian rupee surged by 29 paise to hit an eight-week high of 72.83 against the US dollar on Friday, tracking positive domestic equities and upbeat Asian peers against the American currency. At the interbank forex market, the local unit opened at 72.98 against the greenback and witnessed an intra-day high of 72.83 and a low of 73.09. It finally ended with a gain of 29 paise at 72.83 to the US dollar the level not seen since March 26. On a weekly basis, the rupee has appreciated by 46 paise against the American dollar. The dollar index, which gauges the greenback s strength against a basket of six currencies, fell 0.10 per cent to 89.71 on Friday.
Source: NSE, Nifty50 at closing prices on March 15
Tech Mahindra is the best performing stock among its IT peers. One of the reasons is its latest acquisition Hyderabad-based Perigord. Tech Mahindra has bought up 70% stake to acquire the leading supplier of consultancy and labelling artwork solutions to the global pharmaceutical industry.
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But the cumulatively strength of the industry to stay in the green has more to do with the hopes of a stronger dollar. Like India, the US is currently caught in the conundrum of chasing growth and rising prices.
Investors in the US and Europe are on an earning streak, parking their funds in government securities at near-zero interest rates and making even more in emerging markets like India. But these low interest rates are not likely to last forever.